Mumbai: Two senior citizens faint protesting over PMC Bank crisis
What's the story
As depositors of scam-hit Punjab and Maharashtra Cooperative Bank (PMC) staged a protest outside the Reserve Bank of India (RBI) headquarters in Mumbai on Saturday, two senior citizens, who had joined the protest, fainted. The development comes mere days after a third PMC depositor lost their life under stress, with the RBI imposing cash withdrawal restrictions leaving 15 lakh depositors' money blocked. Here's more.
Details
Senior citizens who fainted taken to hospital in police van
On Saturday, around 100 PMC depositors gathered outside the RBI headquarters raising placards and slogans, protesting against the banking regulator's cash withdrawal restrictions after a Rs. 4,355 crore scam came to fore. At the protest, two senior citizens, a man and a woman, fainted. Protestors and police officers helped place them inside a police van to take them to a hospital.
Twitter Post
Here are the visuals from the scene
#WATCH Mumbai: An elderly man, protesting along with the depositors of Punjab and Maharashtra Co-operative (PMC) Bank outside Reserve Bank of India (RBI) today, fell ill. He was later helped by the Police personnel and other protesters. pic.twitter.com/1BntAIeVpi
— ANI (@ANI) October 19, 2019
Twitter Post
Shortly after the man collapsed, the woman fainted too
#WATCH Mumbai: An elderly woman, protesting along with the depositors of Punjab and Maharashtra Co-operative (PMC) Bank outside Reserve Bank of India (RBI) today, fell ill. She was later helped by the Police personnel and other depositors. pic.twitter.com/tbbmXOCc5h
— ANI (@ANI) October 19, 2019
Protest
What's our mistake in this, asks protestor
Notably, heavy police force had been deployed outside the RBI headquarters as the protestors demanded written assurance from the RBI that their money will be returned. A protestor, Shardab Sheikh, reportedly said, "RBI officials during audit had given this bank A grade. What's our mistake in this? It's very difficult to run a household for six months with just Rs. 40,000."
Withdrawal restrictions
RBI imposed cash withdrawal restrictions on PMC last month
Last month, the RBI restricted had placed a cap on cash withdrawal for PMC account holders. The cash withdrawal was initially capped at Rs. 1,000 and slowly raised to Rs. 40,000 for six months. The banking regulator had also told PMC not to grant or renew any loans and advances, or incur any liability, in light of the Rs. 4,355 crore PMC Bank scam.
History
Yesterday, SC dismissed PMC depositors' plea demanding relief
To note, the PMC Bank had loaned 73% of its total loan book size (Rs. 8,880cr) to the bankrupt realty developer Housing Development and Infrastructure Ltd (HDIL) and its related entity. Reportedly, five persons including HDIL promoters have been arrested in the case. On Friday, a petition filed in the Supreme Court on behalf of 500 PMC depositors was dismissed by the court.
Deaths
3 people died this week over PMC Bank crisis
On Monday, Sanjay Gulati (51), a PMC depositor with Rs. 90 lakh in his account, died after suffering a cardiac arrest. He was under stress and had just returned from a protest against the crisis. Similarly, Fattomal Punjabi (59) died on Tuesday after suffering a cardiac arrest. Dr. Yogita Bijlani (39) killed herself on Tuesday. She had Rs. 1 crore stuck in her account.